The immunoassay market is anticipated to rise with a healthy 6% CAGR during the period of scrutiny between 2020 to 2026. The Fact.MR report states that immunoassay developers around the world are focusing their resources towards the generation of testing systems to produce novel antibody tests unique to the covid-19 virus. The lack of a cure for the contagion will boost market prospects in months ahead in 2020.
“The rapid growth of the geriatric population is a major factor supporting the growth of the immunoassay market. The decline in immunity capabilities among the elderly and the resultant rise in risk of disease such as hypertension, arthritis, dementia, and diabetes will sustain demand in the market for the foreseeable future,” says the Fact.MR analyst.
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Immunoassay Market – Important Takeaways
- Reagents and kits account for major revenue share owing to extensive application in detection of chronic ailment-causing pathogens.
- Enzyme-linked immunosorbent assays hare highly sought after, owing to vaccine development, infectious disease testing, and allergy detection applications.
- North America is a major market for immunoassays owing to high investments in healthcare infrastructure and access to new medical devices.
Immunoassay Market – Driving Factors
- Rising global numbers of infectious and chronic ailments is a key factor supporting the production and adoption of immunoassays.
- Growing cost-effectiveness and tech advancements are increasing the requirement for immunoassay analysis tools.
- Expansion of the pharma and biotech industries are key drivers to the immunoassay market.
Immunoassay Market – Leading Constraints
- High taxation on immunoassay products are a key challenge to immunoassay market players.
- Limited detection capabilities of current immunoassay technologies hinder adoption rates.
Anticipated Market Impact by Coronavirus Outbreak
The prospects of the immunoassay market have been bolstered by the coronavirus pandemic. Major market players are redirecting their resources towards product development for effective testing of likely antibody solutions to contain the covid-19 virus. Clinical trials will remain a key strategy for market players during this crisis period. Demand for immunoassays is likely to remain strong even after the end of the pandemic, owing to widespread diagnostics requirements.
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Leading producers in the immunoassay market are Beckman Coulter Inc., F. Hoffmann La-Roche Ltd., Siemens Healthineers, and Abbott Laboratories. Manufacturers are increasingly investing in product development initiatives, and regulatory approval for their offerings to bolster their market presence. For instance, Salofa announced the emergency use authorization of its SARS-CoV-2 lateral flow immunoassay.
More on the Report
The FACT.MR’s market research report provides in-depth insights on immunoassay market. The market is scrutinized according to technology (chemiluminescence immunoassay, enzyme-linked immunosorbent assay, enzyme linked fluorescence assay, radioimmunoassay, and others), product (analyzer and consumables), application (infectious diseases, endocrinology, oncology, cardiology, orthopedics, and others) and end user (hospitals & diagnostic laboratories, blood banks, and others) across six key regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East and Africa).